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FlexShopper, Inc. (NASDAQ:FPAY), currently trading at $0.65 and down over 60% year-to-date, announced that its Board of Directors terminated the employment of H. Russell Heiser Jr., who served as both Chief Executive Officer and Chief Financial Officer, effective immediately on August 6. According to InvestingPro data, the company has been quickly burning through cash, with the stock trading near its 52-week low. According to a press release statement based on the company’s filing with the Securities and Exchange Commission, John Davis, the company’s President and Chief Operating Officer, has assumed the duties of principal executive officer.
On Monday, FlexShopper also entered into an engagement letter with North Country Capital LLC for interim management and restructuring advisory services, including the appointment of a chief restructuring officer. Matthew A. Doheny, President of North Country Capital, will serve as Chief Restructuring Officer of the company.
Mr. Doheny has been President of North Country Capital since 2011 and has previous experience as Chief Restructuring Officer at Yellow (OTC:YELLQ) Corporation since 2021. He has also served in similar roles at MatlinPatterson Global Partners (NYSE:GLP) and has been involved in various financial and operational restructurings. His background includes positions at Deutsche Bank (ETR:DBKGn) Securities Inc., Fintech Advisory Ltd., and HSBC Securities Inc.
FlexShopper’s common stock is listed on the Nasdaq Stock Market under the ticker FPAY. The information in this article is based on statements from the company’s recent SEC filing.
In other recent news, FlexShopper, Inc. has been granted a 180-day extension by Nasdaq to file its delayed financial reports, allowing the company until October 13 to submit its 2024 annual report and first-quarter 2025 financial statements. This extension ensures that FlexShopper’s shares will continue trading on Nasdaq during the compliance period. In addition to this development, FlexShopper has announced a strategic partnership with ICON Vehicle Dynamics, enabling ICON’s customers to access performance parts through FlexShopper’s lease-to-own financing options. The partnership aims to provide flexible payment solutions for ICON’s clientele.
In leadership changes, John Davis has been appointed as the president of FlexShopper while continuing his role as chief operating officer, effective July 8. Davis has been with the company since November 2020 and has a background in credit and collections. Furthermore, Denis Echtchenko has resigned from the Board of Directors, with FlexShopper disagreeing with the assessments in his resignation letter. Steven Varner has been appointed as his successor. These recent developments reflect ongoing changes and strategic moves within FlexShopper.
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